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15% taxes???

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Post by bdhook Mon Sep 12, 2011 11:48 pm

I heard about 6 months ago something was signed that allows us to only pay 15% capital gains tax on cash ins. What document do we need that shows this information? I would like to read it, and know more. I don't want the IRS knocking on my door in a couple of years....lol

Thanks
-B
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Post by Terbo56 Mon Sep 12, 2011 11:49 pm

No worries' mate- It's 15% flat tax- str8 up!!
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Post by walkingsmall Tue Sep 13, 2011 10:31 pm

How do we know that is accurate?

What can we tell banking personnel to show that we are accurate about the tax issue?

This is HUGE, as having plenty of $$$$, and winding up in trouble with the tax folks just doesn't seem to fulfill the goals I have for this blessing.

Rolling Eyes Rolling Eyes Rolling Eyes

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Post by stevejss1 Tue Sep 13, 2011 10:50 pm

Walkingsmall,
--------------------------------------------------------------------------------
How do we know that is accurate?

What can we tell banking personnel to show that we are accurate about the tax issue?

This is HUGE, as having plenty of $$$$, and winding up in trouble with the tax folks just doesn't seem to fulfill the goals I have for this blessing.

You will go to a TAX ATTORNEY! BANKING PERSONNEL HAVE NOTHING TO DO WITH YOUR TAXES, THEY ARE BANKER! You will be entering a new world. After the RV you will have plenty of money to get a good tax attorney and accountant they will handle your taxes. No one on any site knows what the end result on taxes will be, we will find out from the IRS after the RV. Once the tax rules on the Iraqi Dinar are published from the IRS you will take this information to your tax attorney and they will handle your taxes and be "responsible for their actions on your taxes". Don't worry about taxes at all, we will find out after the RV and what ever the ruling is we will just do it and that is it. DO NOT just take someones opinion on your taxes. God Bless



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Post by Terbo56 Tue Sep 13, 2011 11:33 pm

This is the last freaking time I'm gonna explain this-15% withinthe first 45 days- After that the tax rate will increase to god knows what-When this RV's ,cash in a note or two, and then go get yourself set up with a C.P.A.or, tax attorney,after that, let them deal with it- I mean, thats what you are gonna pay them for, right? 'Nuff said!!
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Post by yutakahime Tue Sep 13, 2011 11:55 pm

http://www.thirdworldtraveler.com/Iraq/Iraq_Heist.htm

On June 19 the Export-Import Bank of the United States announced it is "prepared to immediately start processing applications for exports to Iraq," including "subcontractors providing goods and services to Iraq under USAID contracts." The Ex-Im Bank (as it's called) went on to explain "support may be available for transactions where...the primary source of repayment is the Development Fund for Iraq, or another entity established under the auspices of the Coalition Provisional Authority."

The sole purpose of the Ex-Im Bank is to help "finance the sales of U.S. exports, primarily to developing markets, by providing guarantees, export credit insurance, and loans." Thus, in the case of Iraq, the Bank will provide credit for purchases for goods and services authorized by Bremer-including all of Bechtel and Halliburton's contracts.

This is amplified by CPA Order 20 from July 17 establishing the Trade Bank of Iraq. Its purpose is to provide "financial and related services to facilitate the importation and exportation of goods and services to and from Iraq." Money to support the trade bank comes from Iraq's oil money, yet another instance of public monies being used unaccountably for private profit.

In the same order Bremer bestowed upon himself the power to "promulgate additional regulations, orders, memoranda or other documentation that further define the purpose of the DFI." This is legalese for Bremer saying he can do whatever he wants with the fund.

Bush issued Executive Order 13315 on August 28, deeming "that it is in the interest of the United States to confiscate certain additional property of the former Iraqi regime, certain senior officials of the former regime, immediate family members of those officials, and controlled entities." Essentially this allows the Bush administration to nab whatever Iraqi money it hasn't already laid its hands on.

Bremer gave corporations another gift in Order 37 by instituting a flat tax. He decreed on September 15, "The highest individual and corporate income tax rates for 2004 and subsequent years shall not exceed 15 percent." This also implies that the tax could be set much lower as 15 percent is just the ceiling.

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Post by Terbo56 Wed Sep 14, 2011 12:03 am

Yutakahime-Thankyou so much for the info-Now may be they'll listen to us, what do you think,huh? Again,I appreciate the info-Thanks-
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Post by Huscarl1 Wed Sep 14, 2011 12:12 am

terbo56@yahoo.com wrote:This is the last freaking time I'm gonna explain this-15% withinthe first 45 days- After that the tax rate will increase to god knows what-When this RV's ,cash in a note or two, and then go get yourself set up with a C.P.A.or, tax attorney,after that, let them deal with it- I mean, thats what you are gonna pay them for, right? 'Nuff said!!

To be fair to the people who aren't omniscient...NOBODY knows what tax laws will be passed in the last 3 months of 2011. And since the U.S. gov is able to pass tax laws until dec 31 that effect the previous year it is possible that the tax rate won't be 15% flat. It may be capital gains (short or long term) it may be seen as normal income, or it may be in a new category all by itself. At present there is no basis for a tax law that provides for a 45 day window on cashing in a blanket capital gain as that would indicate that there was a special tax law just for this RV and no such thing has happened thus far. So "FOR THE LAST FREAKING TIME"...quit spouting garbage about taxes that you can't support with documentation. If you ask 10 CPA/tax attorneys/IRS auditors the same question you will get 10 different answers. Thats why there are CPAs and tax attorneys in the first place, because it is impossible for anyone to figure out what the heck the tax laws are in the first place. If you choose a CPA/tax attorney and they tell you what the tax is, then just pay it and go on. Just because they are CPAs or attorneys doesn't mean they are all geniuses...trust me they're not all geniuses.

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Post by yutakahime Wed Sep 14, 2011 12:38 am

Terbo56, you are welcomed! I was confused about the tax rate, as there are many posts from Diarians who have tax 'expert' contacts; none of the information is conclusive. I searched Google regarding taxes and investments in Iraq, as well as Presidential Orders, and found this article. The fifteen percent tax rate refers to the Presidential Order executed by President Bush which permits American citizens to hold property and invest in Iraq as any Iraqi can.

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Post by Terbo56 Wed Sep 14, 2011 12:41 am

Huscarl1- All I'm doing is telling people what I've been told and whatI've heard- so don't be so high and mighty You don't know me, and to be truthful you probably DON'T want to-I don't bother any one- so don't be bothering me, fair enough?
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Post by Huscarl1 Wed Sep 14, 2011 12:47 am

terbo56@yahoo.com wrote:Huscarl1- All I'm doing is telling people what I've been told and whatI've heard- so don't be so high and mighty You don't know me, and to be truthful you probably DON'T want to-I don't bother any one- so don't be bothering me, fair enough?

I don't know if I know you or not...is terbo56 your given name? I'm not bothering you personally or exclusively, because you aren't the only person on this site quoting mis-information, or mis-quoting information whichever the case might be.

About two months ago Okie said that he'd heard a rumor that a new tax bill regarding the time frame/tax rate was going around DC. Since then it has been misconstrued as fact repeatedly.

Meanwhile the really good advice keeps going unheard. Which is that everyone should get an accountant or tax attorney and listen to them.

I certainly didn't mean to make it sound like I was singling you out, but in retrospect I can see how it looked that way. it was a rash response that didn't require implying your involvement. I apologize.

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Post by BoltUpright Wed Sep 14, 2011 12:48 am

Huscarl1 wrote:
terbo56@yahoo.com wrote:This is the last freaking time I'm gonna explain this-15% withinthe first 45 days- After that the tax rate will increase to god knows what-When this RV's ,cash in a note or two, and then go get yourself set up with a C.P.A.or, tax attorney,after that, let them deal with it- I mean, thats what you are gonna pay them for, right? 'Nuff said!!

To be fair to the people who aren't omniscient...NOBODY knows what tax laws will be passed in the last 3 months of 2011. And since the U.S. gov is able to pass tax laws until dec 31 that effect the previous year it is possible that the tax rate won't be 15% flat. It may be capital gains (short or long term) it may be seen as normal income, or it may be in a new category all by itself. At present there is no basis for a tax law that provides for a 45 day window on cashing in a blanket capital gain as that would indicate that there was a special tax law just for this RV and no such thing has happened thus far. So "FOR THE LAST FREAKING TIME"...quit spouting garbage about taxes that you can't support with documentation. If you ask 10 CPA/tax attorneys/IRS auditors the same question you will get 10 different answers. Thats why there are CPAs and tax attorneys in the first place, because it is impossible for anyone to figure out what the heck the tax laws are in the first place. If you choose a CPA/tax attorney and they tell you what the tax is, then just pay it and go on. Just because they are CPAs or attorneys doesn't mean they are all geniuses...trust me they're not all geniuses.

Well said. Nobody has yet been able to agree on this. Not even multiple IRS Agents can come to the same conclusion. I'm a firm believer in sticking to what you know best and hiring someone for what they know best. Last thing I want is a tap on the shoulder a few years down the road and someone saying, come with me please. affraid

I'll hire someone to take the heat and let them explain their reasoning. I don't know enough about it nor do I even want to. I want to relax post RV, not continually be looking over my shoulder at who might be coming after me.

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Post by Terbo56 Wed Sep 14, 2011 12:54 am

Huscarl1-Ishouldn't have gotten after you the wayI I did theres so much mis information out there thats very conflicting at times, and at this time hard todeal with-I apologize- NO harm, No foul- Terbo56 is my screen name-
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Post by Terbo56 Wed Sep 14, 2011 12:57 am

Huscarl1-Oh, and by the way, apology accepted.
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Post by crash594 Wed Sep 14, 2011 1:38 am

Being there is some miss info why dont they post some stickies for newbees to look into.

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Post by Terbo56 Wed Sep 14, 2011 1:44 am

Crash594- I'm not a newbie-been invested for quite a while-too long,actually.
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Post by r2e2 Wed Sep 14, 2011 1:53 am

terbo56@yahoo.com wrote:This is the last freaking time I'm gonna explain this-15% withinthe first 45 days- After that the tax rate will increase to god knows what-When this RV's ,cash in a note or two, and then go get yourself set up with a C.P.A.or, tax attorney,after that, let them deal with it- I mean, thats what you are gonna pay them for, right? 'Nuff said!!


Ahhhhh rabbit do you think you could explain this one more time? hemademe
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Post by Terbo56 Wed Sep 14, 2011 1:56 am

Mad Why you little--
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Post by justpassntime Wed Sep 14, 2011 2:03 am

I have not seen anything regarding a 15% flat tax in writing either on the irs.gov site or on any of the bills passed. I have no clue to where this information is coming from. There has never been any hard evidence of it in black and white it is only hearsay and TonyTNT is where I believe it started. Give us a reference to something proving it is true.


This is how the capital gains tax works for 2011 and 2012. Until it is proven otherwise that there is a flat tax this is how it works.

Capital Gains Taxes Have Changed for 2011 and 2012!

Find your tax bracket for 2011 to find out how much you will pay for Capital Gains

15% taxes??? Screen25


15% taxes??? Capital-gains-tax-2011-20122

Short-term capital gains are taxed at ordinary income tax rates up to 35%. Long-term capital gains (assets held for more than one year) are taxed at 0%% for taxpayers in the 10% and 15% tax brackets and 15% for taxpayers in the 25%, 28%, 33%, and 35% tax brackets. The 0% tax rates for those in the 10% and 15% tax brackets was a special provision in the bush-era tax cuts which were extended to 2013.

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Post by Terbo56 Wed Sep 14, 2011 2:10 am

Justpassntime-Look on the previous page- Yutakahime found some info that is very enlightening- check it out! 15% tax ceiling-
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Post by justpassntime Wed Sep 14, 2011 2:16 am

terbo56@yahoo.com wrote:Justpassntime-Look on the previous page- Yutakahime found some info that is very enlightening- check it out! 15% tax ceiling-

I will check it out I need to lose some weight anyway the enlightening will be good.

Ok I looked....heres the link to the document

http://www.iraqcoalition.org/regulations/20030919_CPAORD_37_Tax_Strategy_for_2003.pdf

To me it reads more like it is meant for those working in Iraq.


Last edited by justpassntime on Wed Sep 14, 2011 2:31 am; edited 1 time in total

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Post by Terbo56 Wed Sep 14, 2011 2:30 am

Justpassntime- That would'nt hurt my feelings a bit!
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Post by justpassntime Wed Sep 14, 2011 2:41 am

Here is the document

Also link for COALITION PROVISIONAL AUTHORITY ORDER NUMBER 49 TAX STRATEGY OF 2004 It is 16 pgs long

15% taxes??? Screen44

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15% taxes??? Screen47


Last edited by justpassntime on Wed Sep 14, 2011 2:58 am; edited 1 time in total

*****************
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Post by justpassntime Wed Sep 14, 2011 2:48 am

Found an amendment for this document http://en.wikisource.org/wiki/Order_84:_Amendments_to_CPA_Order_No._37_and_CPA_Order_No._49

COALITION PROVISIONAL AUTHORITY ORDER NUMBER 84

AMENDMENTS TO COALITION PROVISIONAL AUTHORITY
ORDER NUMBER 37 (CPA/ORD/19 September 2003/37) and
COALITION PROVISIONAL AUTHORITY ORDER NUMBER 49
(CPA/ORD/19 February 2004/49)

Pursuant to my authority as Administrator of the Coalition Provisional Authority
(CPA), and under the laws and usages of war, and consistent with relevant U.N.
Security Council resolutions, including Resolutions 1483 and 1511 (2003),

Determined to create conditions suited to the economic reconstruction of Iraq,

Determined to complete a broad review of taxes in Iraq, in order to improve the
operation and efficiency of the tax system,

Recognizing that until such a review is completed an interim tax strategy is
required,

Recognizing that these collections are for the benefit of the Iraqi people, and, as far
as possible, are in accordance with the rules of assessment and incidence in effect
under existing law,

Noting that CPA Order Number 37 established a new Tax Strategy for 2003 and
that CPA Order Number 49 established a new Tax Strategy for 2004,

Emphasizing that effective administration of the Tax Strategy requires increased
capacity of the Tax Commission,

Recognizing that additional time is needed to develop the infrastructure for
effective tax collection,

I hereby promulgate the following:

Section 1
Purpose


The purpose of this Order is to revise the interim tax strategy to suspend the
collection of taxes on income until the appropriate infrastructure can be
established.

CPA/ORD/30 April 2004/84


Section 2
Amendment to CPA Order Number 37


1)
The introductory language of CPA Order Number 37, Tax Strategy for 2003
(CPA/ORD/19 September 2003/37), is amended to read as follows:

“Subject to Section 6 of this Order, the following taxes are suspended for
calendar year 2003:”

Section 3
Amendment to CPA Order Number 49


The following amendments are made to CPA Order Number 49, Tax Strategy of
2004 (CPA/ORD/19 February 2004):

1) Section 2, Item 3 is amended to read as follows:
“The allowances as set forth in paragraphs (1) and (2) of this section shall
be reduced by one-third during financial year 2004.”

2) A new Item 4 is added to Section 2 to read as follows:
“Item (6) of Article 12 of Income Tax Law Number 113 of 1982 is
amended to read as follows:

(6) Allowances shall not be granted for children who have completed the
age of 18 years and have an independent income exceeding ID 200,000 per
year, even if they are continuing their studies.”
3)
Section 3, Item 1 is amended by revising Article 13(1)(F) of Income Tax Law
Number 113 of 1982 to read as follows:

“(F) The amounts delineating the tax brackets as set forth in paragraphs (A)
and (B) shall be reduced by one-third for financial year 2004.”

4)
A new Item 4 is added to Section 3 to read as follows:

“4) Article 19(1) of Income Tax Law Number 113 of 1982 is amended by
changing “20%” to “15%”.”

CPA/ORD/30 April 2004/84


5)
Section 8, Item 1, is revised to read as follows:

“All income tax for assessed income resources detailed in Article 2 of Income
Tax Law Number 113 of 1982, as amended. Income tax for assessed income
resources with regard to individuals detailed in Article 2 on Income Tax Law
Number 113 of 1982, as amended, are suspended from January 1, 2004, until
April 30, 2004;”

6)
Section 11, Item 2(a), is amended by deleting the last sentence, which reads “If
an employee of the public sector has more than 4 children, he or she shall be
entitled to an additional exemption of ID 200,000 per child.”

Section 4
Amendment to the Civil Pension Law


Article 5(1)(a)-(d) of Law Number 33 of 1966 on Civil Pensions is amended to
read as follows:

“There shall be deducted from the pay of an official the contribution towards
the pension for the period of his pensionable service according to the
following rates, provided that no deduction shall be made for any period in
which his service was not a pensionable one nor for periods of leave enjoyed
without pay, nor for periods of leave at half pay. These rates shall be applied
on the period of service that started after the date of the coming into force of
this Law.

(a)
1% of the salary, if the official’s gross salary was 69,000 dinars or more,
but less than 204,000 dinars.
(b)
4% of the salary, if the official’s gross salary was 204,000 dinars or more,
but less than 574,000 dinars.
(c)
7% of the salary, if the official’s gross salary was 574,000 dinars or more,
but less than 1,500,000 dinars.
(d)
10% of the salary, if the official’s gross salary was 1,500,000 or more.”
Section 5
Relation to Existing Law


Any provision of Iraqi law that is inconsistent with this Order is suspended to the
extent of such inconsistency.

Section 6

CPA/ORD/30 April 2004/84

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Post by Terbo56 Wed Sep 14, 2011 2:52 am

You're right , it is Iraq-Dang!!
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Post by Terbo56 Wed Sep 14, 2011 2:54 am

OK-Gotcha!
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Post by justpassntime Wed Sep 14, 2011 3:02 am

terbo56@yahoo.com wrote:You're right , it is Iraq-Dang!!

Sorry peeps if this document was the only one to hang your 15% hopes on this was for people working in Iraq not for us buying dinar. hanghead

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Post by deslocc Wed Sep 14, 2011 5:14 am

Gads...

First off, most 'tax attorneys and accountants' are not worth the money to pay for because they know absolutely nothing about the tax code. (just whatever they are told by the irs and even that changes daily and according to 'whom' they talk to there.) So, 'if' your going to look for one, be sure to ask a lot of questions about how to legally pay the least amount since it is in every American's interest to 'gift' the least amount to the private collection agency (irs) and their employer, the Federal Reserve (which has no reserves and is technically not even a bank!) (they are a legal counterfeiter of fiat currency)

The 'idea' that after the RV it'll be 15% but only for 45 days is BS! It would be an unfair and unjust tax system to increase the percentage because some people took longer to get their ducks in a row. If you've have your IQD for longer than a year, as a 'capital investment' then go ahead and pay your 15% whenever you can and with a 'tax accountant' you might actually be able to delay paying and earn a little with your cash before handing over into the pit of no return.

As for 'anyone' signing an executive order, those are NOT LAW! but are an 'internal memo' for the WH only. To say GWB signed something claiming to impose a 15% means nothing to any American outside and not working for the federal gov'. O is trying to do the same thing, claiming his EO's are the 'Law of the Land' and we ALL should know, that isn't so. Because we follow the Constitution, not some liar in the WH.

The important thing is, study and research and learn what you can about just how much of your money you should gift over to them first, so you know the complete 5 W's. (Who, What, Where, When, WHY) So that after they give you a receipt for your payment, they will NEVER darken your doorstep again because you'll have the proof they got their pound of flesh, even when they might not have actually deserve it!




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15% taxes??? Empty Okie in chat:

Post by walkingsmall Wed Sep 14, 2011 8:49 pm


[..OKIE OIL MAN] 1 SHORT POST FOR NOW. I AM NOT A TAX ADVISOR AND AM NOT QUALIFIED TO GIVE ANY TAX ADVICE WHATSOEVER. WITH THAT BEING SAID LET ME SHED SOME LIGHT ON THE TAXATION ISSUE THAT WAS FURNISHED ME. TAKE THIS INFORMATION TO YOUR PROFESSIONAL C P A OR TAX ATTORNEY FOR VERIFICATION. FOR THOSE THAT MISSED THIS PREVIOUSLY. REVENUE RULING 74-71, 1974-1CB198 IRS SECTION 1031 ALSO SECTION 1221:1 & 1221-1. REMEMBER THIS IS A CURRENCY EXCHANGE. CASH IS CASH. CURRENCY IS A CAPITAL ASSET. CAPITAL ASSETS ARE ALL LONG TERM AND SUBJECE TO A FLAT 15% CAPITAL GAINS TAX.---VERIFY AND CONFIRM THIS INFORMATION FROM YOUR PROFESSIONAL--I AM NOT QUALIFIED OR AM LIABLE FOR THE INFORMATION I PASS ON . I HOPE THIS HELPS MANY TO UNDERSTAND THE TAX IMPLICATIONS FROM THE FEDERAL STANDPOINT AND DOES NOT TAKE INTO CONSIDERATION YOUR STATE TAX REQUIREMENTS.




[..OKIE OIL MAN] ALSO TAX STATUE 525 AND 988 MAY HAVE IMPLICATIONS--IT'S ALL IN THE INTERPRETATION OF THE STATUE

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Post by yutakahime Wed Sep 14, 2011 9:04 pm

Walkingsmall, thank you for that very informative, enlightening response. We should all now know where we stand as far as this investment is concerned. You Rock! ⭐

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Post by bdhook Wed Sep 14, 2011 9:48 pm

Thank you all for the information. I read lots of posts about this issue, and could not find a concrete answer. I saw on many forums that the tax rate was going to be a flat 15%. Upon my research I found this posting:


10:06 PM  [dinarchaser] I hear Tony over at PTR said the IRS had ruled a 15% tax on all cash ins. Has Okie heard that?

10:07 PM [..OKIE OIL MAN] DINARCHASER–ABOUT 6 MONTHS AGO


So I figured I would ask the intel I respect the best.... Okie! Thanks for the prompt reply. My prayers go out to you and your friends today. God bless
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Post by ntvtexan Wed Sep 14, 2011 10:31 pm

OK...here are the previous posts I had read that finally convinced me this WILL be a flat 15% tax...
until the Twisted Evil GREEDY Twisted Evil THIEVING Twisted Evil 🐷 D.C. 🐷 Twisted Evil types can pass H.R. 1124....we'll see how that goes.

But here are the posts that direct you, and your Tax Attorney, to the proper publication for
the "After December 31, 2010 15% flat tax." information...I don't remember which
site this was posted on...SORRY !

I did go to the 550 page 40 and see for myself that it stated Dec 31, 2010... :cheers:

Copy and paste this into a NOTEPAD file for future reference !!!


--------------------------------------------------------------------------------------------------------------------------------------------------------

procomp1 Says -

no new tax laws passed go look up publication 525 page 33 which states forigen currency
exchange resulting in over 200 dollars is subject to capital gains tax. in addition i was told
that publication 550 page 40 section 988 states that after dec 31 2010 capital
gains will be taxed at a flat rate of 15% regardless if it is short term or long term
but you
need to look into this im NOT A TAX ATTORNEY IM ONLY POSTING SOMTHING I WAS SENT
I HOLD NO RESPONSABLITY

thanks
procomp1

this was posted yesterday by [ROHO] IN CHAT

===========================================


Date: Monday, August 15, 2011, 7:30 AM


[dinarbillionare] Subject: Capital Gains Taxes Date: Saturday, August 13, 2011, 11:14 AM

Hello All, Wanted to share with you what I learned from the IRS yesterday. I was directed
to Publication 525, page 33, which states that foreign currency exchange resulting in a gain
of over $200 is subject to capital gains tax.

In addition, I was told that Publication 550, page 40, section 988 states that after Dec. 31, 2010,
capital gains will be taxed at a flat rate of 15%, regardless of whether it's short or long term.


Hope this helps in your planning.

Regards Bob T


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Post by justpassntime Thu Sep 15, 2011 9:05 am

....I was told that Publication 550, page 40, section 988 states that after Dec. 31, 2010,
capital gains will be taxed at a flat rate of 15%, regardless of whether it's short or long term.

I went to http://www.irs.gov/pub/irs-pdf/p550.pdf and found no such statement. If I could find it I would post a picture of it as proof but have found none. Here is the link where you end up when searching pubs at irs.gov http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000988----000-.html It also has no such statement.

The problem with the above quote is that Internal Revenue Code section 988 is its own publication not a section of page 40 and does not appear on page 40.

The Pub 550 I am looking at shows a date of print as June 21, 2011

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Post by globalbiz Thu Sep 15, 2011 2:07 pm

Huscarl1 wrote:
terbo56@yahoo.com wrote:This is the last freaking time I'm gonna explain this-15% withinthe first 45 days- After that the tax rate will increase to god knows what-When this RV's ,cash in a note or two, and then go get yourself set up with a C.P.A.or, tax attorney,after that, let them deal with it- I mean, thats what you are gonna pay them for, right? 'Nuff said!!

To be fair to the people who aren't omniscient...NOBODY knows what tax laws will be passed in the last 3 months of 2011. And since the U.S. gov is able to pass tax laws until dec 31 that effect the previous year it is possible that the tax rate won't be 15% flat. It may be capital gains (short or long term) it may be seen as normal income, or it may be in a new category all by itself. At present there is no basis for a tax law that provides for a 45 day window on cashing in a blanket capital gain as that would indicate that there was a special tax law just for this RV and no such thing has happened thus far. So "FOR THE LAST FREAKING TIME"...quit spouting garbage about taxes that you can't support with documentation. If you ask 10 CPA/tax attorneys/IRS auditors the same question you will get 10 different answers. Thats why there are CPAs and tax attorneys in the first place, because it is impossible for anyone to figure out what the heck the tax laws are in the first place. If you choose a CPA/tax attorney and they tell you what the tax is, then just pay it and go on. Just because they are CPAs or attorneys doesn't mean they are all geniuses...trust me they're not all geniuses.

Also...realize...If a Tax Attorney or CPA defines a tax percentage or payment, it may at any time be challenged, changed or simply disputed by the IRS. Their opinion is NOT a defense.

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Post by dinarling77 Thu Sep 15, 2011 2:54 pm

Sorry I don't have a "War and Peace" post to add to this topic, but I will say -

EXACTLY!

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Post by cyberghost Thu Sep 15, 2011 2:58 pm

http://dinardaily.forumotion.com/t6240-real-intel-got-to-read-real-intel#36988

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Post by 1alaskan Thu Sep 15, 2011 7:16 pm

IRS Publication 525 page 33 which states
"forigen currency exchange resulting in over 200 dollars is subject to capital gains tax." Notice no mention of time frame, so maybe open to interpretation by the IRS

IRS Publication 550 page 40 section 988 states
"that after dec 31 2010 capital gains will be taxed at a flat rate of 15% regardless if it is short term or long term"
Of course that depends on your total income, could be 0% if low enough.

Rantings from just north of sixty

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Post by justpassntime Fri Sep 16, 2011 6:20 am

Copied from One Dinar


A Call to the IRS 03/14/2011 posted by Trac

EdwardK on Tue Mar 29, 2011 4:37 am

A Call to the IRS 03/14/2011 posted by Trac
I called the IRS yesterday with a couple of questions.

After spending approximately 15-20 minutes on hold I got to talk to a Mr. Kirk ID# 5906613. When you call 1-800-829-1040 you should ask for the Complex Individual Issues.

I spent approximately 30-40 minutes with Mr. Kirk, a very nice man of which answered my question very well.

1. The first question of number one on most of our lists which concerned just how are we to be taxed on our currency transaction. He mentioned (2) publication that he would be using to answer this question. Pub 525 and Pub 550. His first question to me was did I purchase the foreign currency using a futures contract and then also mentioned 1256 contracts. I said no contracts. I then went on to explain exactly how I purchased my foreign currency, that it was sent to me from a foreign currency dealer here in the United States via Federal Express and I paid for it using a money order. He said if my gains were less than $200 then I would not owe any taxes. I said it will be over $200 gain. He then said you will be taxed as capital gains. I asked him what the tax rate would be ? He asked me when did I purchase the currency and I told him. In my case I have held my currency for well over a year. I told him I had been told that it could possibly be regular income ? His reply was no - Capital Gains. I asked him what publication and paragraph would I use ? He lead me to Pub 525 on the internet and page 33 of that publication then had me find Foreign Currency Transactions.

I asked him so what is that Pub 550 you had mentioned ? He said that is if you purchased your currency using a futures contract. I said I did not do anything like that. He said then you will file this transaction on Schedule D - Capital Gains and Loses.


Note: I did mention what about a getting a certified letter of opinion ? He said the cost of those start at around $1000.00 - there is no need for you to have anything like that. This currency transaction you have made is simply Capital Gains.


2. My second question was on the gifting. I stated out with gifting US currency and tried to get information about the lifetime gifting increase. The $5,000,000 lifetime gifting does not come into play the way it was previously explained to me. If you wish to gift US currency either keep it under the $13,000 gift exclusion. If you gift over the $13,000 exclusion the amount over the exclusion will be deducted from your lifetime gifting of $1,000,000. The $5,000,000 does not come into play at all with this gifting even though it is included in your estate lifetime your lifetime gifting exclusion over and above the $13,000 exclusion is still $1,000,000. I used the example that if I gifted one of my childrean $15,000 how will I be taxed on it if I have not used any of my lifetime gifting. He said I would file on the $15,000 gift - then subtract the $13,000 exclusion and the $2000.00 would be deducted from my $1,000,000 lifetime exclusion. Once I have exceeded my $1,000,000 total lifetime exclusion I would have to pay gifting tax of approximately 35% for any amount gifted from that time on that was over the $13,000 gift exclusion. So I asked him when my lifetime exclusion is used up I can still gift the $13,000 per year per person without having to pay any gifting tax ? He said that is correct. But if in a years time you gift to any one person over the $13,000 exclusion you will owe a gift tax on the amount that exceeds the $13,000.

3. My third question was at what amount does the recipient of the gift has to pay any taxes on the money they receive as a gift. He was a bit of a comedian and said they would enter that amount on there tax return where they enter their Christmas gifts. I am a little slow sometimes but did not take me long - and I said so they never have to file the gift on their tax return regardless of what the amount is ? He said that is correct.

4. My fourth question was if I gift the foreign currency to my children and I will use the example of : At the time I gift the foreign currency to my children it is worth $100 but when they sell it how will they be taxed on it ? He said capital gains. So I said do I give them some kind of letter or what to show when I gave it to them and how much I paid for it. He said yes they will need a paper trail of where the money came from and what the basis was on it. I said do I need to have this notorized ? He said no - and followed with the question - Is your tax return notorized. I said no. He said the paper trail does not need to be notorized either. So I gave him another example : If I wrote a letter stating the amount of the foreign currency - the price I paid for the currency and the date that I gifted the foreign currency and attached the receipt of my purchase of the foreign currency to show I actually gave them the gift after my proof of purchase date, would that be sufficient ? He said that would be fine. I said so what tax rate would they have to pay ? He said it would depend on how long they actually held the foreign currency.

Well I thanked him sincerely for his time and information and we said goodbye.

Take this for what it is worth to you. I don't care to debate this with anyone. I am only trying to pass on my actual experience with the IRS that I had today.

If you call the IRS at 1-800-829-1040 you should ask for the Complex Individual Issues.

I believe why some are getting conflicting answers from the IRS is because they are all calling different departments and the people are experts only on those particular issues.
_________________

Continued from Trac

I have heard so many conflicting stories as to how we will be taxed on this investment. I finally decided to call the IRS myself. And you can do this too just for peace of mind if nothing else.

When you call 1-800-829-1040 you should ask for the Complex Individual Issues.

If you do get any other answers other than what I was told please mention this publication 525 and in that page 33. Foreign Currency Transactions

http://www.irs.gov/pub/irs-pdf/p525.pdf

Page 33 Foreign Currency Transactions

There will be some of us with such a low income that may even not have to pay any tax on this investment. This gets far more complicated and will require you to fill out the Schedule D - Capital Gains and Losses for your individual situation.

Then you will use the Schedule D Tax Worksheet located in the Instructions for Scheduled D.

http://www.irs.gov/pub/irs-pdf/i1040sd.pdf

We will still owe whatever state tax we have on this investment too but still this is far better than paying our regular income tax rate, especially if you have been holding your dinar for more than a year.

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Post by mvgteam Fri Sep 16, 2011 8:51 am

justpassntime, your post just above is 100% correct. I teach taxes and the agent is correct about the Section 988 requirement of the futures contract. Until any new tax changes come out, and at least 1 a week crosses my desk, concerning Capital Gains/Loss then the information and charts you have shown will apply. Any other information is rumor until it becomes fact (or law in this case).

May God bless and keep you.
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Post by gridkeeper Fri Sep 16, 2011 10:34 am

Thank you so much for posting the info on the guy who phoned the IRS directly and asked all the right questions. That was amazingly helpful.

I copy off all the really great info from here and am going to take it with me when I go talk to a tax attorney.

But I found something else I am going to order as soon as the Dinar Refunds. It costs $99 and seems to be well worth it. Thought I'd share:

http://cl.publicaster.com/ViewInBrowser.aspx?pubids=7889%7c6431%7c775714%7c775715&digest=/%2br1CWxzo9/ccmI98v/gTw&sysid=1

If anyone has any experience with this guy or his info, I would love to hear.

Thanks!
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Post by 1alaskan Fri Sep 16, 2011 8:15 pm

Just,

That is pretty much what Randy Koonce has said also. For those who hold IQD less than one when the RV happens this is great news, you just got a 20% net increase.

Rantings from just noth of sixty

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